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Very Low Interest Rates and the Demand for Credit

Regarding Charles R. Schwab's "Enough With the Low Interest Rates!" (op-ed, Oct. 2): For the most part, the Federal Reserve follows interest rates, it does not lead them.

While throughout America's history there have been many sectors competing for capital, two of the biggest have consistently been manufacturing and real estate. With the advent of outsourcing and the rise of the emerging countries, marginal (new)...